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Right, but consider if OP's other option was a Google/Amazon/Apple with total compensation at $250k a year.

They could have worked in a stable environment with guaranteed $1M in compensation after 4 years, vs unstable and very demanding job with a low likelyhood of $1M total compensation over the same time horizon.

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Sure, but that is a separate argument. I agree that working at Google/Amazon/Apple probably gives most people the best income over time. The point is that if you work at startups dilution is not your enemy.

Early Uber employees got diluted like crazy, but they will probably do well when they cash out (or already did in secondary offers).

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